2006 New York Code - Powers And Limitations.

 
    §  254.  Powers and limitations. 1. Except as is inconsistent with the
  provisions of this article, a community  development  corporation  shall
  have, in carrying out the purposes of this article, the powers conferred
  on  corporations  by  the  general  corporation  law  and  the  business
  corporation law, and shall  be  subject  to  the  limitations  contained
  therein.
    2.   Community  development  corporations  shall  have  the  following
  additional powers:
    (a) To construct, reconstruct, improve, alter, repair, lease,  manage,
  operate and otherwise provide projects;
    (b)  To  enter  into contracts with the New York state housing finance
  agency for mortgage loans;
    (c) To receive assistance from  the  state,  the  federal  government,
  municipalities  and  any  person,  firm  or  corporation, by contract or
  otherwise; and to comply, subject to the  provisions  of  this  article,
  with the terms and conditions of such assistance;
    (d)  Subject  to  the  approval of the commissioner, to sell, lease or
  otherwise dispose of any of its  real  property,  or  any  appurtenances
  thereto  or  any interest therein, to the municipality or to any person,
  firm or public or private corporation approved by  the  municipality  by
  resolution  of  its  local  legislative  body. In the case of a lease or
  other disposition not divesting such corporation of title, such approval
  of the municipality may be conditioned  upon  the  making  of  pro  rata
  payments in lieu of taxes to the municipality;
    (e) To borrow money and give mortgages and other liens on its real and
  personal  property  to  secure  the  repayment thereof, and to issue its
  notes, bonds or other obligations and to provide for the rights  of  the
  holders thereof;
    (f)  Subject  to  the  approval  of  the  commissioner,  to enter into
  agreements to pay  annual  sums  in  lieu  of  taxes  to  any  political
  subdivision  of  the  state  with  respect  to any of its real property;
  provided, however, that the amount so paid for any year  upon  any  such
  property  shall  not  exceed the sum last paid as taxes on such property
  prior to the time of its acquisition  by  the  corporation,  or  by  the
  municipality  if  such property has been conveyed by the municipality to
  the corporation, plus any sum or sums  attributable  as  taxes  to  such
  parts  or  portions of such real property as may be operated for profit,
  under lease or otherwise by or for the benefit of  any  private  person,
  firm or corporation.
    3. No community development corporation shall:
    (a)  Acquire  any  real  property  or  interest  therein  unless  such
  corporation  shall  first  have  obtained  from   the   commissioner   a
  certificate  that  such  acquisition  is consistent with the purposes of
  this article.
    (b) Pay interest on its mortgage indebtedness at a  rate  higher  than
  six per centum per annum or upon its notes, bonds or other obligations.
    (c) Issue notes, bonds or other obligations relating to any project in
  an aggregate amount greater than the project cost.
    (d)   Without  first  having  obtained  the  written  consent  of  the
  commissioner:
    (i) Construct, reconstruct, improve or alter  any  project,  or  enter
  into any contract therefor.
    (ii)  Sell,  transfer or assign any real property, except that no such
  consent shall be necessary in any sale in foreclosure.
    (iii) Except as otherwise provided in this article, encumber or  lease
  all or any part of its real property to any other person or corporation.
    (iv) Enter into contracts for the operation of the project.
    (v)  Enter  into  contracts for the payment of salaries to officers or
  employees.
    (vi)  Make  a  guaranty of payment or pledge any or all of its assets,
  income or revenues to secure payment of its obligations.
    (vii) Voluntarily dissolve.